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Salvage
Property taken over by an insurer to reduce its loss.
Broker
A person who for payment of a fee procures insurance on your behalf.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Negligence
The absence of ordinary care.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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